Fundamentals snapshot
AMG · NYQ · Financial Services · Asset Management
Current price
$401.32
52-week range
$246.11 - $407.06
Market cap
$10.38B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net debt $2.74B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Affiliated Managers Group (AMG) makes money by managing investments for others, like mutual funds and wealthy individuals, basically acting as a professional money manager. They earn fees based on the amount of money they manage, and their profits are directly tied to how much money they can attract and keep under their management, which means good performance and reputation are key. This business model focuses on providing expertise in different investment styles, from stocks of large companies to bonds, and the money mainly comes from these management fees, so consistent revenue streams are important for them.
Affiliated Managers Group (AMG) was founded in 1993 by William J. Nutt, who envisioned a different way for investment management firms to operate. Instead of being absorbed into larger, less personal organizations, Nutt wanted to create a company that partnered with independent, often founder-led, investment firms. This approach, which began with initial backing and went public in 1997, allows these partner firms, known as "Affiliates," to maintain their operational and investment autonomy while benefiting from AMG's capital and strategic support. Over the years, AMG has grown by acquiring stakes in a diverse range of these independent managers, expanding its reach globally and increasingly focusing on specialized investment areas.
AMG acts as a strategic partner and investor in a collection of independent investment management firms, called Affiliates. Think of AMG as a holding company that owns pieces of many different investment companies, each with its own specialty. These Affiliates manage money for various clients, including large institutions like pension funds, as well as individual investors. AMG's role is to provide these Affiliates with capital, business development support, and strategic guidance, helping them grow while allowing them to keep their unique investment styles and cultures intact. In essence, AMG helps talented investment managers scale their businesses and reach more clients.
This is the core of AMG's business, where it makes money by owning stakes in various investment management firms (Affiliates). These Affiliates manage a wide range of investment strategies for clients such as pension funds, endowments, and wealthy individuals. The strategies include traditional stock and bond investing, as well as more specialized areas like private markets (investing in companies not yet public) and liquid alternatives (complex investment products designed to perform differently than traditional stocks and bonds). AMG's revenue comes from fees charged by these Affiliates, based on the total amount of money they manage (assets under management or AUM) and sometimes a share of the profits if their investments do well.
AMG's current strategy is focused on investing in and partnering with independent investment firms that specialize in areas with strong long-term growth potential. This includes a significant emphasis on private markets and alternative investment strategies, which tend to have more stable fees and higher growth prospects compared to traditional investment products. Management believes that by focusing on these differentiated strategies and continuing to support the growth of its Affiliates through capital and business development, AMG can generate consistent long-term value for its shareholders.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net debt $2.7B. Interest coverage 3.5x.
Affiliated Managers Group, Inc.'s profit covers its interest bill about 3.5 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Total debt $3.18B Interest coverage 3.48x This is the baseline the peer rows are being compared against.
Total debt $3.57B Interest coverage 14.31x +311% vs AMG Carries about 4.1x more debt cushion than AMG.
Total debt $1.28B Interest coverage -8.43x -100% vs AMG This peer has almost no interest-payment cushion compared with AMG.
Total debt $4.16B Interest coverage 2.79x -20% vs AMG Carries about 1.2x less debt cushion than AMG.
What you should know
The numbers
Tap any ? icon to learn what it means.
Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know